198 Audemars Piguet A very rare and sought-after, Royal Oak Quantième Perpétuel, automatic wristwatch in steel, with mother of pearl dial and Extract from the Archives, reference 25654ST.

Estimate: € 90.000 –⁠ 180.000

• Model Royal Oak Quantieme Perpetuel
• Year 1997
• Reference 25654ST
• Case Material Stainless Steel
• Case Number N°1086, D60432
• Bracelet Material Stainless steel Audemars Piguet bracelet, approximate length 175mm
• Movement Automatic, cal. 2120/2800, 38 jewels
• Movement Number 425'057
• Dimension 39mm Diameter
• Signed Case, dial and movement
• Accessories Accompanied by Audemars Piguet Extract from the Archives confirming the production of the present timepiece on November 17th 1997.

The reference 25654 was introduced in 1987 as the successor to the reference 25554, retaining its predecessor’s key design and mechanical characteristics while offering improved water resistance thanks to a slightly thicker profile (8.25 mm versus 7.5 mm for the earlier model).
The case measures 39 mm in diameter and houses the ultra-thin caliber 2120/2800, developed in 1977. Measuring just 3.95 mm thick, it was the thinnest perpetual calendar movement of its time and remains a landmark in the history of complicated watchmaking. Approximately 850 examples of this reference were produced across all metals, including 315 in stainless steel (such as the present watch), 430 in yellow gold, 68 in steel and gold, and just 38 in platinum. Stainless steel examples are typically fitted with a matte grey dial. What makes the present watch particularly rare and desirable is its stunning, blue-toned mother-of-pearl dial, which adds depth, iridescence, and a refined visual character rarely seen on this reference. Furthermore, like certain related models from the period, it features no leap year indicator cross, resulting in a cleaner, more balanced, and highly legible dial layout.
Beautifully preserved, the watch is accompanied by its Extract from the Archives confirming its sale in 1997.